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Three considerations for reducing risk of ‘just-in-time’ inventory control

By Severin Heynen

As labs face tighter profit margins and the need to minimize cost of goods, there is increasing pressure to implement more efficient and responsive mechanisms for procurement and inventory management. A large proportion of annual spend goes towards consumables like disposable pipette tips, microplates and kits. Procurement strategies based on lean and ‘just-in-time’ principles can improve cost-efficiency by reducing overhead and warehousing expenses. However, this often comes with a significant risk: without enough data about both availability of consumables and what you have in stock, you could run into costly unexpected out-of-stock scenarios. Here are three essential questions to ask when looking to reduce the risks of creating leaner, ‘just-in-time’ procurement processes.

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3 trends in lab procurement strategies for life science organizations

By Severin Heynen

As a procurement planner in the competitive life sciences sector, how do you ensure your organization adapts swiftly to the rapidly changing demands of customers and stakeholders? Whether supporting a CRO, pharmaceutical company, clinical lab, biotech business or academic department, procurement teams are under constant pressure to manage risk, reduce costs and keep their organizations profitable. Advancements in technology and business practices are widening the influence of procurement on business operations, requiring procurement teams to collaborate even more closely with other functions, including lab management. Here are three major trends that are transforming procurement management:

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How to choose the right lab utilization management software

By Michelle Aichele

Are you ignoring valuable information about laboratory instrument and consumables usage because it is too difficult or time-consuming to collect and analyze? Is the information managed in too many disparate places and not easy to collect? Or maybe you feel like your spreadsheet-based analytics solution is too labor-intensive and prone to errors?

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Five ways instrument utilization data can boost your lab’s efficiency

By Michelle Aichele

Are you guilty of making decisions without the data to back them up? In today’s busy labs, mission-critical decisions about laboratory equipment purchases, service contract renewals, consumables spending, and staffing are often made on the basis of incomplete information. Having a clear picture of instrument usage and burn rates of associated reagents and consumables can help you uncover new ways to cut costs and improve performance in the laboratory. In the previous article we highlighted how crucial it can be for labs to monitor instrument utilization data. Now let’s consider more specifically what you can learn from analyzing all this data.

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Is what you don’t know costing you? Why instrument utilization data could be your lab’s biggest asset

By Michelle Aichele

As we move into the 2019 budget cycle with signs of a global economic slowdown on the horizon, laboratory administrators are no doubt feeling the heat. A combination of poor forecasting, inefficient use of resources, and a sudden economic downturn could create the perfect storm to capsize operations. Despite these high stakes, critical decisions about budget allocation, expensive equipment purchases, workflow optimization and cost-cutting strategies are often made based on incomplete information or even pure guesswork about laboratory asset utilization.

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